Combine Bank Accounts

[SJS-IKParish]

Hi

I have 2 bank accounts that I would like to combine.

They have received bank feeds in the past (Have not been using bank feed for over 2 years now).

I have successfully cancelled the bank feeds in my Manage Bank Feeds window online.

In my Manage Bank Accounts in MYOB, these also show cancelled.

However, as I have received bank feeds in the past, MYOB won't let me combine the two bank accounts.

Any assistance will be appreciated.  Thank you.

[ronatbas · Accepted solution]

@SJS-IKParish

I am not at all surprised that you cannot combine bank accounts, bu I am surprised that MYOB is saying you can't do it because of the use of bank feeds.

If you think through what would happens to entries where you have transerred money from one bank to the other that would suddenly become a circular transaction and the funds would stay in the same account. This would totally negate any reconciliation you have made in the past and give you an usable figure for the current balance.

If the bank that you want to dispense with is creating problems, reduce the balance to zero by Spend/Receive Money from the directors Loan Account. Reconcile the last statement then change the account number to 1- 9999 and put DO NOT USE behind the name.Let your accountant know of the changes that you have made and provide him with the rec report and copy of the statement.

[SJS-IKParish]

Thanks Ron.  That makes sense - it was what I had started to do anyway.